Replication Material for: Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs (International Studies Quarterly)
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Authors: Mark Copelovitch, Christopher Gandrud, and Mark Hallerberg

This folder contains the complete replication material for the article *Financial Data Transparency, International Institutions, and Sovereign Borrowing Costs*. This includes the Financial Data Transparency Index (FDT) and all analyses using it.

Funding generously provided by the
[Deutsche Forschungsgemeinschaft](http://www.dfg.de/en/) (Grant No. HA5996/2-1).

**Note: The FDT Index was previously called the FRT (Financial Regulatory Transparency Index) and is still referred to as such throughout much of the replication material.**

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This folder contains three subdirectories:

-   *IndexData*: The FDT Index data set

-   *paper*: source code and data for the analysis reported in the International Studies Quarterly article and supplemental materials. The source code is written in R and Stata.

-   *source*: source code for gathering the underlying data used in the FDT and for estimating the Index. Note that the Index was estimated using Stan with data handling done in R and Julia.

Note that all of the source code assumes that this folder is in a directory called `/git_repositories/`.

## The FDT Index

The *IndexData* directory contains a CSV file--*FRTIndex_v2.csv*--containing the full FDT Index.

It covers the **68 countries** classified by the World Bank as
'**High Income**', [EMBI](http://en.wikipedia.org/wiki/JPMorgan_EMBI) countries, China, and India for the years **1990 through 2011**.

#### FDT Index Scores for selected years

![FDT Overview](FRT_overview.png)

The file `FRTIndex.csv` contains the following variables:

| Variable Name | Short Description                                          |
| ------------- | ---------------------------------------------------------- |
| country       | country name                                               |
| iso2c         | [ISO 2 letter country code](http://en.wikipedia.org/wiki/ISO_3166-1_alpha-2) |
| year          | year of the FDT score                                      |
| lower_95      | lower bound of the 95% highest probability density interval|
| lower_90      | lower bound of the 90% highest probability density interval|
| median        | median of the FDT index posterior distribution             |
| upper_90      | upper bound of the 90% highest probability density interval|
| upper_95      | upper bound of the 95% highest probability density interval|
| se            | standard error of the posterior distribution               |

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